Artificial Lift Systems Market is driven by increasing mature oil...

Artificial Lift Systems Market is driven by increasing mature oil fields

نشر بتاريخ 2025-03-13 10:15:14

The Artificial Lift Systems Market comprises equipment and mechanisms used for extracting crude oil from wells with weak natural reservoir pressure. This includes sucker rod pumps, electrical submersible pumps, progressive cavity pumps, gas lift pumps, and hydraulic pumps. Sucker rod pumps are extensively used for lifting fluids from shallow oil wells and are relatively economical. On the other hand, ESP or electrical submersible pumps are driven by submersible motors and can lift fluids from deeper offshore and onshore wells. Such pumps deliver high efficiency and are corrosion resistant. The global artificial lift systems market demand has spiked in recent years due to declining natural production from mature oilfields and the need for maximizing asset utilization.

Global Artificial Lift Systems Market is estimated to be valued at USD 9.14 Bn in 2025 and is expected to reach USD 15.67 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.0% from 2025 to 2032.

The Artificial Lift Systems Market Demand has been growing due to the rising crude oil production activities worldwide. Data shows that crude oil production has increased by around 6% globally between 2014 to 2020. Countries like the US, Russia, Saudi Arabia, and China are the major contributors to this growth.

Get More Insights On- Artificial Lift Systems Market